Living On Freelance Income Series: Plan for Tax Time

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The following article is the second article in a series of
three about making a sustainable living as an independent contractor. In this article, The Daily Deduction discusses tax-smart ways to manage your
business.

Many independent contractors don’t have taxes withheld from
the income collected from clients or customers. Contractors could be in for a
nasty surprise come tax time if there isn’t enough money set aside to cover
their tax liability. One way to avoid this problem is to set aside a percentage
of every paycheck in a separate account and pay quarterly estimated taxes to
the IRS.

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